The post Vitalik Buterin NFTs triggers surge in Ethereum gas fees appeared on BitcoinEthereumNews.com.

The Buterin Cards NFT collection triggered a 13% gas fee increase on the Ethereum (ETH) network. In the past 24 hours, transactions linked to the collection resulted in fees totaling 318.31 ETH, equivalent to $665,670. Buterin-themed NFTs   As of 3:00 p.m. ET on Dec. 1, transactions linked to a new non-fungible token (NFT) project known as Buterin Cards reportedly accounted for over 13% of the total Ethereum network gas fees within three hours, surpassing fees from the Uniswap universal router address and Tether’s public address, according to Etherscan data.  The surge in fees was a consequence of heightened demand for processing transactions associated with the Buterin Cards NFT collection.  The Buterin Cards project seeks to release 2,015 NFTs as a tribute to Vitalik Buterin, the co-founder of the Ethereum blockchain. Utilizing a unique NFT minting process called JPEG mining, the project distinguishes itself by storing image data on-chain, deviating from conventional NFTs that only store metadata on-chain. To ensure the integrity of the uploaded data and prevent arbitrary uploads, the smart contract verifies data correctness by computing its hash. The project’s website explains that thanks to progressive JPEG technology, the NFT image gradually unveils as it undergoes the mining process. In exchange for their contributions, miners are rewarded with a card featuring an image of Vitalik Buterin at various quality levels, according to the project’s website. The Ethereum evolution In recent times, Ethereum has undergone significant developments, most notably the shift to a proof-of-stake (PoS) consensus mechanism, known as Ethereum 2.0. This transition replaced the energy-intensive proof-of-work (PoW) model, introducing staking, where validators stake 32 Ether (~$50,000) and are randomly selected to add blocks. This change has led to a remarkable 99.9% reduction in Ethereum’s energy consumption. The broader Ethereum 2.0 upgrade, consisting of phases like the Beacon Chain,…

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Filed under: News - @ December 3, 2023 5:20 am